2015-03-03T20:29:04ZActivation and active labour market policies in OECD countries: stylized facts and evidence on their effectivenesshttp://hdl.handle.net/10197/5674
Activation and active labour market policies in OECD countries: stylized facts and evidence on their effectiveness
Martin, John P.
Activation policies aimed at getting working-age people off benefits and into work have
become a buzzword in labour market policies. Yet they are defined and implemented differently across OECD countries and their success rates vary too. The Great Recession has posed a severe stress test for these policies with some commentators arguing that they are at best
'fair weather' policies. This paper sheds light on these issues mainly via the lens of recent OECD research. It presents the stylized facts on how OECD countries have responded to the Great Recession in terms of ramping up their spending on active labour market policies (ALMPs), a key component in any activation strategy. It then reviews the macroeconomic evidence on the impact of ALMPs on employment and unemployment rates. This is followed by a review of the key lessons from recent OECD country reviews of activation policies. It concludes with a discussion of crucial unanswered questions about activation.
2014-06-01T00:00:00ZThe Conditional Pricing of Systematic and Idiosyncratic Risk in the UK Equity Markethttp://hdl.handle.net/10197/5661
The Conditional Pricing of Systematic and Idiosyncratic Risk in the UK Equity Market
Cotter, John; O'Sullivan, Niall; Rossi, Francesco
We test whether firm idiosyncratic risk is priced in a large cross-section of U.K. stocks. A distinguishing feature of our paper is that our tests allow for a conditional relationship between systematic risk (beta) and returns in our tests, i.e., conditional on whether the
excess market return is positive or negative. We find strong evidence in support of a conditional beta/return relationship which in turn reveals conditionality in the pricing of idiosyncratic risk. We find that idiosyncratic risk is significantly negatively priced in stock returns in down-markets. Although perhaps initially counter-intuitive, we describe the theoretical support for such a finding in the literature. Our results also reveal a strong role for liquidity, size and momentum factors in explaining the cross-section of U.K. stock returns.
2014-03-01T00:00:00ZEconomic stress and the great recession in Ireland: polarization, individualization or 'middle class squeeze'?http://hdl.handle.net/10197/5658
Economic stress and the great recession in Ireland: polarization, individualization or 'middle class squeeze'?
Maitre, Bertrand; Russell, Helen; Whelan, Christopher T.
Following an unprecedented boom that attracted the label 'Celtic Tiger', since 2008 Ireland has experienced the most severe economic and labour market crisis since the foundation of the State. The rapid deterioration in the labour market, alongside stringent austerity measures, had a widespread impact. Considerable debate persists as to where the heaviest burden has fallen. Conventional measures of income poverty and inequality have a limited capacity to capture the impact of the recession. This is exacerbated by a dramatic increase in the scale of debt problems. Our analysis, which focuses on economic stress, provides no evidence for individualization or class polarization. Instead we find that while economic stress level are highly stratified in class terms in both boom and bust periods, the changing impact of class is highly contingent on life course stage. The affluent income class remained largely insulated from the experience of economic stress, however, it saw its advantage relative to the income poor class decline at the earliest stage of the life-course and remain stable across the rest of the life course. At the other end of the hierarchy, the income poor class experienced a relative improvement in their situation in the earlier life course phase and no significant change at the later stages. For the remaining income classes life-course stage was even more important. At the earliest stage the precarious class experienced some improvement in its situation while the outcomes for the middle classes remain unchanged. In the mid-life course the precarious and lower middle classes experienced disproportionate increase in their stress levels while at the later life-cycle stage it is the combined middle classes that lost out. Additional effects over time relating to social class are restricted to the deteriorating situation of the petit bourgeoisie at the middle stage of the life-course. The pattern is clearly a good deal more complex that suggested by conventional notions of 'middle class squeeze' and points to the distinctive challenges relating to welfare and taxation policy faced by governments in the Great Recession.
2014-04-01T00:00:00ZPerformance of Utility Based Hedgeshttp://hdl.handle.net/10197/5615
Performance of Utility Based Hedges
Cotter, John; Hanly, Jim
Hedgers as investors are concerned with both risk and return; however
the literature has generally neglected the role of both returns and
investor risk aversion by its focus on minimum variance hedging. In this
paper we address this by using utility based performance metrics to
evaluate the hedging effectiveness of utility based hedges for hedgers
with both moderate and high risk aversion together with the more
traditional minimum variance approach. We apply our approach to two
asset classes, equity and energy, for three different hedging horizons,
daily,weekly and monthly. We find significant differences between the
minimum variance and utility based hedges and their attendant
performance in-sample for all frequencies. However out of sample
performance differences persist for the monthly frequency only.
2014-03-04T00:00:00ZAnatomy of a Bail-Inhttp://hdl.handle.net/10197/5614
Anatomy of a Bail-In
Conlon, Thomas; Cotter, John
To mitigate potential contagion from future banking crises, the European
Commission recently proposed a framework which would provide for the
bail-in of bank creditors in the event of failure. In this study, we
examine this framework retrospectively in the context of failed European
banks during the global financial crisis. Empirical findings suggest that
equity and subordinated bond holders would have been the main losers
from the e535 billion impairment losses realized by failed European
banks. Losses attributed to senior debt holders would, on aggregate,
have been proportionally small, while no losses would have been imposed
on depositors. Cross-country analysis, incorporating stress-tests,
reveals a divergence of outcomes with subordinated debt holders wiped
out in a number of countries, while senior debt holders of Greek,
Austrian and Irish banks would have required bail-in.
2014-03-04T00:00:00ZSovereign and bank CDS spreads: two sides of the same coin?http://hdl.handle.net/10197/5613
Sovereign and bank CDS spreads: two sides of the same coin?
Cotter, John; Avino, Davide
This paper investigates the relationship between sovereign and bank CDS
spreads with reference to their ability to convey timely signals on the
default risk of European sovereign countries and their banking systems.
By using a sample including six major European economies, we find that
sovereign and bank CDS spreads are cointegrated variables at the country
level. We then perform a more in-depth investigation of the underlying
price discovery mechanisms, and find that both variables have an
important price discovery role in the period preceding the financial
crisis of 2007-2009. However, during the global financial crisis and the
subsequent European sovereign debt crisis, sovereign CDS spreads
dominate the price discovery process. Our findings suggest that,
especially during crisis periods, sovereign CDS spreads incorporate more
timely information on the default probability of European banks than
their corresponding bank CDS spreads.
2014-03-04T00:00:00ZFrom the Great Lakes to the Great Rift Valley: Does Strategic Economic Policy Explain the 2009 Malawi Election?http://hdl.handle.net/10197/5612
From the Great Lakes to the Great Rift Valley: Does Strategic Economic Policy Explain the 2009 Malawi Election?
Brazys, Samuel; Heaney, Peter; Walsh, Patrick P.
Ethno-regional voting cleavages have featured in a number of sub-Saharan
African states during the third wave of democratization following the
end of the Cold War.While the causes and consequences of these cleavages
are well studied, there have been surprisingly few attempts to
understand how strategies of pan-ethnic or pan-regional coalition
building based on distributive economic policies could be employed to
secure national electoral coalitions. In this paper we examine if in the
2009 Malawian parliamentary elections the newly-formed national party,
the Democratic Progressive Party (DPP), led by the President Binguwa
Mutharika used its incumbent position to promote an economic policy
based on food security in order to overcome traditional ethno-regional
voting patterns and win a nationwide electoral majority. After
presenting a formal model of a optimal allocation of an economic
resource to overcome ethnic bias and induce vote-switching, we use
district-level data in a system of equations to analyze if strategic
allocation within the national fertilizer subsidy program contributed to
the nation-wide electoral victory of the DPP.
2014-02-28T00:00:00ZA formal investigation of inequalities in health behaviours after age 50 on the Island of Irelandhttp://hdl.handle.net/10197/5397
A formal investigation of inequalities in health behaviours after age 50 on the Island of Ireland
Hudson, Eibhlin; Mosca, Irene; Madden, David (David Patrick)
Smoking, low physical activity and frequent alcohol consumption may have substantial health risks in terms of disease, quality of life and mortality. Understanding inequality in relation to these behaviours among older people is important in the context of a rapidly ageing population.
In this study, we examine income-related inequality in relation to these three key health behaviours using data on older adults from both the Republic of Ireland and Northern Ireland. We employ concentration indices and decompose them to determine the factors which contribute most to inequality.
We then examine whether differences exist between the two regions. We find that smoking and low physical activity are more concentrated among those with
lower incomes in both regions. In relation to physical activity, the magnitude of the inequality is higher for Northern Ireland. Frequent alcohol consumption is more concentrated among those with higher incomes in both regions. Self-assessed health and age tend to feature prominently for all behaviours in terms of contribution to inequality. Marital status and labour market status tend to play a less pronounced role. In terms of Northern Ireland/Republic of Ireland comparisons with respect to the decompositions, probably the biggest difference is to be observed in the greater role
accorded to labour market status in the Republic. For the other factors, the orders of magnitude are reasonably similar. This suggests that in many cases it may be the same underlying factors which lie behind income related inequalities.
2014-02-01T00:00:00ZThe politics of fiscal effort in Spain and Ireland : Market credibility versus political legitimacyhttp://hdl.handle.net/10197/5117
The politics of fiscal effort in Spain and Ireland : Market credibility versus political legitimacy
Dellepiane, Sebastian; Hardiman, Niamh
Austerity measures in response to Eurozone crisis have tended to be conceived,
debated, and implemented as if only the technical parameters of budget
management mattered. But policies that impose budgetary hardships on citizens,
whether in the form of increased taxes or cuts to public spending go right to the
heart of voter expectations about what it is both appropriate and acceptable for
governments to do. Pro-cyclical measures that worsen an already difficult
situation in a recession run counter to deep-seated norms and expectations in
European countries, built up over decades of democratic governance, whereby
governments are expected to provide offsetting protection for their citizens
against the vicissitudes of the market. If austerity measures are held to be
unavoidable in response to market turbulence, and especially if this view is
underwritten by international authorities, new challenges of political
legitimation are likely to arise. These issues are explored through the
experiences of Spain and Ireland.
2013-11-01T00:00:00ZHow governments retrench in crisis: the case of Irelandhttp://hdl.handle.net/10197/4935
How governments retrench in crisis: the case of Ireland
Hardiman, Niamh; MacCarthaigh, Muiris
The Irish experience of fiscal retrenchment under crisis conditions poses new questions of governance, the evolving answers to which are likely to involve importance changes in the state’s organizational profile and in its policy competences. The government is required to formulate and implement extremely tough choices, particularly since Ireland entered an EU-IMF loan programme in November 2010. Yet government does retain some policy discretion in the priorities it adopts in the composition of budget adjustment and in the distributive impact of cuts. This paper sets out to explore where the adjustments have been ma e through examination both of the composition of budgets and of the organizational configuration of state institutions, and it analyses how these outcomes can be accounted for. The paper draws upon a new official database setting out a detailed compositional analysis of Irish public spending between 2008 and 2012, and upon the Irish State Administration Database
(http://isad.ie) through which the organizational aspects of the state's policy capacity can be analysed.
2013-09-01T00:00:00ZGoverning the Irish economy: a triple crisishttp://hdl.handle.net/10197/4931
Governing the Irish economy: a triple crisis
Dellepiane, Sebastian; Hardiman, Niamh
The international economic crisis hit Ireland hard from 2007 on. Ireland’s membership of the Euro had a significant effect on the policy configuration in the run-up to the crisis, as this had shaped credit availability, bank incentives, fiscal priorities, and wage bargaining practices in a variety of ways. But domestic political choices shaped the terms on which Ireland experienced the crisis. The prior configuration of domestic policy choices, the structure of decision-making, and the influence of organized interests over government, all play a vital role in explaining the scale and severity of crisis. Indeed, this paper argues that Ireland has had to manage not one economic crisis but three –
financial, fiscal, and competitiveness. Initial recourse to the orthodox strategies of spending cuts and cost containment did not contain the spread of the crisis, and in November 2010 Ireland entered an EU-IMF loan agreement. This paper outlines the pathways to this outcome
2011-02-21T00:00:00ZBuilding on easy money: the political economy of housing bubbles in Ireland and Spainhttp://hdl.handle.net/10197/4929
Building on easy money: the political economy of housing bubbles in Ireland and Spain
Dellepiane, Sebastian; Hardiman, Niamh; Las Heras, Jon
This paper undertakes a structured, focused case-study comparison of housing
bubbles in Ireland and Spain, based on the selection of two most-different cases
that nonetheless share a common outcome of interest. Both countries were
exposed to the same set of changes in their international policy environment in
the late 1990s and early 2000s, in the form of a low interest rate regime
associated with the creation of European Monetary Union (EMU). The two
countries have very different economic structures, different political decisionmaking
profiles, and different relationships between the political and banking
systems. Yet these two countries had the most extreme experience of housing
bubbles during the 200os, and both suffered a similar construction-related
economic collapse that ruined their respective banking systems after 2008. The
paper argues that the decision-making taking place within their very different
domestic institutional frameworks was subordinated to the fact that they shared
a similar form of international vulnerability. Both were extremely open to mobile
international capital during the 2000s. Their vulnerability to financialization
resulted in a common experience of very rapid asset price inflation, which left
both countries particularly exposed when the international financial collapse
took place. The shared experience of European ‘peripherality’ meant that two
countries belonging to different ‘varieties of capitalism’ ended up with very
similar kinds of economic collapse
2013-10-01T00:00:00ZFrom Tiger to PIIGS: Ireland and the use of heuristics in comparative political economyhttp://hdl.handle.net/10197/4928
From Tiger to PIIGS: Ireland and the use of heuristics in comparative political economy
Brazys, Samuel; Hardiman, Niamh
Acronyms for groups of countries provide an often useful shorthand to capture emergent
similarities, and terms such as PIIGS, BRICs and LDCs pervade the lexicon of international and comparative political economy. But they can also lead to misleading narratives, since the grounds for use of these terms as heuristic devices are usually not well elaborated. This can become problematic when the use of such heuristics drives market responses in areas such as risk perception and changes in interest rates. In this paper we look at the narrative construction of the group of countries that has been grouped as ‘PIIGS’ (Portugal, Ireland, Italy, Greece, and Spain). We examine the process whereby the group came into being, trace how Ireland became a member of this grouping, and assess the merits of classifying these countries together. Our
contention is that the repetition of the acronym in public debate shaped the behaviour of market actors toward these countries. We find evidence of Granger causality, such that increased media usage of the term ‘PIIGS’ is followed by converging interest rate correlations between Ireland and the other PIIGS, compared to the interest rate correlations between Ireland and the ‘northern’ Eurozone economies. We argue that this is a pointer toward the independent effect of perceptions and discourse over economic fundamentals. We conclude with more general thoughts and cautions on the use of heuristics in comparative political economy.
2013-10-01T00:00:00ZRethinking the political economy of fiscal consolidation in two recessions in Irelandhttp://hdl.handle.net/10197/4927
Rethinking the political economy of fiscal consolidation in two recessions in Ireland
Hardiman, Niamh
Ireland has been taken to be an exemplary case of successful growth-promoting
fiscal retrenchment, not once but twice – first, in the fiscal consolidation
undertaken in the late 1980s, which was taken as one of the classic original
instances of ‘expansionary fiscal contraction’, and again now, in the context of
meeting the fiscal deficit targets set by the current EC-ECB-IMF loan conditions.
This paper argues that many of the apparent lessons drawn from Ireland’s
experience turn out to be more complex and even misplaced upon closer
inspection. Ireland was never an instance of ‘expansionary fiscal contraction’ in
the sense in which it now understood, in the late 1980s; and the conditions that
facilitated the restoration of growth at that time are no longer possible now.
Firstly, the paper shows that standard methodologies for identifying the object of
interest in fiscal consolidation misses out on what is really central, which is the
ongoing politics of ‘fiscal effort’. Secondly, this approach challenges conventional
ideas about the primacy of spending cuts over tax increases. Thirdly, Ireland’s
fiscal stabilization in the earlier period depended on devaluation, international
growth, and strong social pacts. None of these conditions is present in the
‘internal devaluation’ under way since 2008. Ireland has committed to fulfilling
the terms of the EU-ECB-IMF loan programme, but there are few grounds for
anticipating that this will of itself result in the resumption of growth. Fiscal
adjustment efforts are much more painful without the growth-promoting
contextual conditions that were present in the earlier period.
2013-10-01T00:00:00ZThe New Politics of Austerity: Fiscal Responses to the Economic Crisis in Ireland and Spainhttp://hdl.handle.net/10197/4926
The New Politics of Austerity: Fiscal Responses to the Economic Crisis in Ireland and Spain
Dellepiane, Sebastian; Hardiman, Niamh
This paper adopts a new analytical approach to explaining choices in fiscal politics in Ireland and Spain between 2008 and 2010, in response to international economic crisis. It adopts a comparative cross-national research design to explore why two countries with similar pre-crisis fiscal profiles adopted radically different strategies in the initial phase of the crisis: Ireland adopted an orthodox deficit-reduction strategy, while Spain implemented a ‘heterodox’ stimulus fiscal package. Yet by mid-2010, Spain’s fiscal stance had converged with Ireland’s, as the wider European crisis deepened and the scope for autonomous national policy choice narrowed. The paper tracks this shift in a second stage of the research design, examining within-country variation over time, to provide a nuanced and sophisticated analysis of strategic choices at critical moments. It argues that the shift toward a European politics of austerity is different in a number of important ways from the older politics of fiscal consolidation, and that this has far-reaching implications not only for the evolution of European integration, but also for the balance between democratic politics and transnational
markets.
2012-02-01T00:00:00ZCrisis in the Irish Banking Systemhttp://hdl.handle.net/10197/4925
Crisis in the Irish Banking System
Clarke, Blanaid; Hardiman, Niamh
Ireland has had one of the most catastrophic experiences of financial crisis in the developed world, in the wake of the global financial crisis of 2008. Unlike the US or Britain though, Ireland’s enormous banking exposure was almost entirely related to property speculation and to the unchecked domestic housing bubble of the preceding ten years. This paper analyses the conditions that led to the crisis, taking account of patterns of corporate governance, regulatory institutions and practices, and the linkages between the banking sector and the political system.
2012-02-01T00:00:00ZFiscal politics in time: pathways to fiscal consolidation, 1980-2012http://hdl.handle.net/10197/4229
Fiscal politics in time: pathways to fiscal consolidation, 1980-2012
Dellepiane, Sebastian; Hardiman, Niamh
The comparative study of debt and fiscal consolidation has acquired a new focus in the wake of the global financial crisis. This leads us to re-evaluate the literature on fiscal consolidation that flourished during the 1980s and 1990s. The conventional approach segments episodes of fiscal change into discrete observations. We argue that this misses the dynamic features of government strategy, especially in the choices made
between expenditure-based and revenue-based fiscal consolidation strategies. We
propose a focus on pathways rather than episodes of adjustment, to recapture
what Pierson terms 'politics in time'. A case-study approach facilitates
analysis of complex causality that includes the structures of interest
intermediation, the role of ideas in shaping the set of feasible policy choices,
and the situation of national economies in the international political economy.
We support our argument with qualitative data based on two case studies,
Ireland and Greece, and with additional paired comparisons of Ireland with
Britain, and Greece with Spain.
2012-12-01T00:00:00ZThe Addicted Self: A Neuroscientific Perspectivehttp://hdl.handle.net/10197/3916
The Addicted Self: A Neuroscientific Perspective
Regan, Ciaran M.
2012-11-01T00:00:00ZCan Metropolitan Housing Risk be Diversified? A Cautionary Tale from the Recent Boom and Busthttp://hdl.handle.net/10197/3915
Can Metropolitan Housing Risk be Diversified? A Cautionary Tale from the Recent Boom and Bust
Cotter, John; Gabriel, Stuart A.; Roll, Richard
Geographic diversification is fundamental to risk mitigation among investors and insurers of housing, mortgages, and mortgage-related derivatives. To characterize diversification potential, we provide estimates of integration, spatial correlation, and contagion among US metropolitan housing markets. Results reveal a high and increasing level of integration among US markets over the decade of the 2000s, especially in California. We apply integration results to assess the risk of alternative housing investment portfolios. Portfolio simulation indicates reduced diversification potential and increased risk in the wake of estimated increases in metropolitan housing market integration. Research findings provide new insights regarding the synchronous non-performance of geographically-disparate MBS investments during the late 2000s.
2012-07-01T00:00:00ZFrom asset based welfare to welfare housing? The changing function of social housing in Irelandhttp://hdl.handle.net/10197/2971
From asset based welfare to welfare housing? The changing function of social housing in Ireland
Norris, Michelle; Fahey, Tony
This article examines a distinctive and significant aspect of social housing in Ireland – its change in function from an asset-based role in welfare support to a more standard model of welfare housing. It outlines the nationalist and agrarian drivers which expanded the initial role of social housing beyond the goal of improving housing conditions for the poor towards the goal of extending home ownership and assesses whether this focus made it more similar to the ‘asset based welfare’ approach to housing found in south-east Asia than to social housing in western Europe. From the mid-1980s, the role of Irish social housing changed as the sector contracted and evolved towards the model of welfare housing now found in many other western countries. Policy makers have struggled to address the implications of this transition and vestiges of social housing’s traditional function are still evident, consequently the boundaries between social housing, private renting and home ownership in Ireland have grown increasingly nebulous.
2011-01-01T00:00:00ZRisk attitudes as an independent predictor of debthttp://hdl.handle.net/10197/2701
Risk attitudes as an independent predictor of debt
Daly, Michael; Delaney, Liam; McManus, Séamus
This paper examines how attitudes to risk relate to other psychological constructs of personality and consideration of future consequences (a proxy for time preferences) and how risk attitudes relate to credit behaviour and debt holdings. There is a small correlation between risk attitudes and consideration of future consequences. As regards personality, risk attitudes are most positively related to extraversion and openness to experience and are negatively related to neuroticism. Risk willingness is a robust predictor of debt holdings even controlling for demographics, personality, consideration of future consequences and other covariates.
2010-09-17T00:00:00ZPreparing for Life early childhood intervention : impact evaluation report 1 : recruitment and baseline characteristicshttp://hdl.handle.net/10197/2700
Preparing for Life early childhood intervention : impact evaluation report 1 : recruitment and baseline characteristics
Doyle, Orla; McNamara, Kelly; Cheevers, Carly; Finnegan, Sarah; Logue, Caitriona; McEntee, Louise
2010-10-01T00:00:00ZThe socioeconomic gradient of obesity in Irelandhttp://hdl.handle.net/10197/2699
The socioeconomic gradient of obesity in Ireland
Madden, David (David Patrick)
Using the nationally representative Slan dataset we calculate concentration indices for the incidence of obesity for men and women. We finder higher concentration indices for women than for men, but we also find that concentration indices fell between 2002 and 2007. However this appears to be owing to an increased incidence of obesity amongst better off people rather than decreased obesity amongst the less well-off. A decomposition of the concentration indices suggest that the greatest contribution to the gradient comes from the combination of lower rates of obesity amongst those with 3rd level education and their higher income.
2010-09-01T00:00:00ZDifferential parent and teacher reports of school readiness in a disadvantaged communityhttp://hdl.handle.net/10197/2698
Differential parent and teacher reports of school readiness in a disadvantaged community
Doyle, Orla; Finnegan, Sarah; McNamara, Kelly
Differential ratings by multiple informants are an important issue in survey design. Although much research has focused on differential reports of child behaviour, discrepancies between parent and teacher reports of children’s school readiness are less explored.
2010-01-01T00:00:00ZChild externalising and internalising behaviour in the first year of school : the role of parenting in a low SES populationhttp://hdl.handle.net/10197/2697
Child externalising and internalising behaviour in the first year of school : the role of parenting in a low SES population
Cheevers, Carly; Doyle, Orla; McNamara, Kelly
Successful transition and adjustment to school life is critical for a child's future success. To ease this transition a child needs to arrive equipped with the necessary skills for school. The extent of a child’s behavioural problems is one indicator of his or her level of adjustment and school readiness. A factor which is consistently associated with such behaviours is parenting practices. This study examined the role of maternal parenting behaviours on externalising and internalising behaviours displayed by children in their first year of schooling. As children living in low socioeconomic status (SES) families are at risk of both adverse parenting behaviours and childhood behavioural difficulties, the study focuses on a low SES cohort. Mothers (n = 197) reported parenting behaviours using the Parenting Styles and Dimensions Questionnaire (PSDQ; Robinson, Mandelco, Olsen, & Hart, 2001). Teachers (n = 21) rated children on how frequently they engaged in fifteen behaviours. These behaviours were subjected to an exploratory factor analysis, eliciting two externalising behaviour factors (aggressive and defiant; hyperactive and inattentive) and one internalising behaviour factor. Bivariate analyses revealed that authoritarian parenting is associated with aggressive and defiant behaviours and that permissive parenting and maternal education is associated with hyperactive and inattentive behaviours. Only the latter result remains significant in the multivariate analysis. Finally, no relationships were found between parenting practices and child internalising behaviours. Parenting behaviours explained a small proportion of the variance in child externalising behaviours, highlighting the need to educate parents in effective parenting practices.
2010-09-01T00:00:00ZDecomposing gender differences in college student earnings expectationshttp://hdl.handle.net/10197/2696
Decomposing gender differences in college student earnings expectations
Delaney, Liam; Harmon, Colm; Remond, Cathy
Despite the increasing coverage and prevalence of equality legislation and the general alignment of key determining characteristics such as educational attainment, gender differentials continue to persist in labour market outcomes, including earnings. Recently, evidence has been found supporting the role of typically unobserved non-cognitive factors in explaining these gender differentials. We contribute to this literature by testing whether gender gaps in the earnings expectations of a representative group of Irish university students are explained by simultaneously controlling for gender heterogeneity across a wide array of cognitive and noncognitive factors. Non-cognitive factors were found to play a significant role in explaining the gender gap, however, gender differentials persist even after controlling for an extensive range of cognitive and non-cognitive factors. Nearly three-quarters of the short run and two-thirds of the long run differential could not be explained.
2010-09-01T00:00:00ZParental education, grade attainment and earnings expectations among university studentshttp://hdl.handle.net/10197/2695
Parental education, grade attainment and earnings expectations among university students
Delaney, Liam; Harmon, Colm; Redmond, Cathy
While there is an extensive literature on intergenerational transmission of economic outcomes (education, health and income for example), many of the pathways through which these outcomes are transmitted are not as well understood. We address this deficit by analysing the relationship between socio-economic status and child outcomes in university, based on a rich and unique dataset of university students. While large socio-economic differences in academic performance exist at the point of entry into university, these differences are substantially narrowed during the period of study. Importantly, the differences across socio-economic backgrounds in university grade attainment for female students is explained by intermediating variables such as personality, risk attitudes and time preferences, and subject/college choices. However, for male students, we explain less than half of the socio-economic gradient through these same pathways. Despite the weakening socio-economic effect in grade attainment, a key finding is that large socio-economic differentials in the earnings expectations of university students persist, even when controlling for grades in addition to our rich set of controls. Our findings pose a sizable challenge for policy in this area as they suggest that equalising educational outcomes may not translate into equal labour market outcomes.
2010-08-11T00:00:00ZThe role of awakening cortisol and psychological distress in diurnal variations in affect : a day reconstruction studyhttp://hdl.handle.net/10197/2694
The role of awakening cortisol and psychological distress in diurnal variations in affect : a day reconstruction study
Daly, Michael; Delaney, Liam; Doran, Peter; MacLachlan, Malcolm
People often feel unhappy in the morning but better later in the day, and this pattern may be amplified in the distressed. Past work suggests that one function of cortisol is to energize people in the mornings. In a study of 174 students we tested to see if daily affect patterns, psychological distress, and awakening cortisol levels were interlinked. Affect levels were assessed using the Day Reconstruction Method (Kahneman, Krueger, Schkade, Schwarz, & Stone, 2004) and psychological distress was measured using the Depression Anxiety Stress Scales (Antony, Bieling, Cox, Enns, & Swinson, 1998). On average positive affect increased markedly in a linear pattern across the day whilst negative affect decreased linearly. For the highly distressed this pattern was stronger for positive affect. Lower than average morning cortisol, as assessed by two saliva samples at waking and two samples 30 minutes after waking, predicted a clear increasing pattern of positive affect throughout the day. When we examined the interlinkages between affect patterns, distress, and cortisol our results showed that a pronounced linear increase in positive affect from morning through to evening occurred chiefly among distressed people with below average cortisol levels upon awakening. Psychological distress, whilst not strongly associated with morning cortisol levels, does appear to interact with cortisol levels to profoundly influence affect.
2010-07-01T00:00:00ZThe impact of parental income and education on the schooling of their childrenhttp://hdl.handle.net/10197/2693
The impact of parental income and education on the schooling of their children
Chevalier, Arnaud; Harmon, Colm; O'Sullivan, Vincent; Walker, Ian
This paper addresses the intergenerational transmission of education and investigates the extent to which early school leaving (at age 16) may be due to variations in parental background. An important contribution of the paper is to distinguish between the causal effects of parental income and parental education levels. Least squares estimation reveals conventional results – weak effects of income (when the child is 16), stronger effects of maternal education than paternal, and stronger effects on sons than daughters. We find that the education effects remain significant even when household income is included. However, when we use instrumental variable methods to simultaneously account for the endogeneity of parental education and paternal income, only maternal education remains significant (for daughters only) and becomes stronger. These estimates are consistent to various set of instruments. The impact of paternal income varies between specifications but become insignificant in our preferred specification. Our results provide limited evidence that policies alleviating income constraints at age 16 can alter schooling decisions but that policies increasing permanent income would lead to increased participation (especially for daughters). There is also evidence of intergenerational transmissions of education choice from mothers to daughters.
2010-07-01T00:00:00ZHeterogeneous interpretation of “household expenditure” in survey reports : evidence and implications of biashttp://hdl.handle.net/10197/2692
Heterogeneous interpretation of “household expenditure” in survey reports : evidence and implications of bias
Comerford, David; Delaney, Liam
This paper addresses respondents’ interpretation of the term “household expenditure” when answering survey questions. A sizeable minority of respondents do not attempt to include all transactions made by every household member, interpreting the question as eliciting individual consumption. This biases estimates of expenditure downward. Furthermore, this bias is predicted by respondent characteristics.
2010-06-01T00:00:00ZLow pay, in-work poverty and economic vulnerability : a comparative analysis using EU-SILChttp://hdl.handle.net/10197/2691
Low pay, in-work poverty and economic vulnerability : a comparative analysis using EU-SILC
Nolan, Brian; Whelan, Christopher T.; Maitre, Bertrand
2010-05-01T00:00:00ZThe role of social institutions in inter-generational mobilityhttp://hdl.handle.net/10197/2690
The role of social institutions in inter-generational mobility
Nolan, Brian; Esping-Andersen, Gøsta; Whelan, Christopher T.; Maitre, Bertrand; Wagner, Sander
The primary goal of inter-generational mobility (IGM) research has always been to explain how and why social origins influence peoples’ life chances. This has naturally placed family attributes at centre stage. But the role of social institutions, most notably education systems, as a mediating factor has also been central to IGM theory. Indeed, generations of stratification research were premised on the core assumption that equalizing access to education would weaken the impact of social origins. In theory, policies, institutions, as well as macro-economic and historical context, have been identified as crucial in shaping patterns of social mobility (D’Addio, 2007). But apart from education, empirical research has contributed little concrete evidence on how this occurs.
2010-02-01T00:00:00ZPromoting the well-being of immigrant youthhttp://hdl.handle.net/10197/2689
Promoting the well-being of immigrant youth
Nolan, Brian
The well-being of immigrant youth — of the first or second generation — is intimately tied up with their socio-economic status and success; in turn, their success and how immigrant youth relate to the society around them are important elements of social cohesion and well-being for those societies. Institutional settings, in relation to immigrants and to Welfare State structures more broadly, as well as the policies adopted within those settings, vary greatly from one developed country to the next. This opens up the potential for studying key outcomes for immigrant youth in a comparative perspective, and learning about which settings and policies appear to be more versus less effective in promoting their well-being and capitalizing on their potential. This paper sets out a framework for such an analytical exercise, drawing on recent research and monitoring efforts in the related areas of multidimensional well-being, social inclusion/exclusion, and child well-being. It then seeks to place some key findings from the disparate social science research literature on immigration and youth (principally drawing on economics and sociology) within that framework. This serves to bring out both the potential and the difficulties associated with this approach to teasing out “what works” for immigrant youth. In conclusion, the paper points to the major gaps in knowledge and what is required to make progress in learning from disparate country experiences about how best to promote the well-being on immigrant youth.
Paper presented at the 2009 Jacobs Foundation Marbach Conference "Capitalizing on Migration: The Potential of Immigrant Youth", Marbach Castle, Germany, 22-24 April 2009
2010-03-01T00:00:00ZEarnings inequality, institutions and the macroeconomy – what can we learn from Ireland’s boom years?http://hdl.handle.net/10197/2688
Earnings inequality, institutions and the macroeconomy – what can we learn from Ireland’s boom years?
Maitre, Bertrand; Nolan, Brian; Voitchovsky, Sarah
Rapid economic growth is often expected to lead to increased returns to education and skills and thus to rising wage inequality. Ireland offers a valuable case study, with distinctive wage-setting institutions and exceptional rates of growth in output, employment and incomes in the Celtic Tiger period from 1994 to 2007. We find that dispersion in (hourly) wage inequality fell sharply to 2000, before increasing though much less sharply to 2007. Returns to both education and work experience declined considerable in the earlier period, while the increase in lower earnings relative to the median was associated with the introduction of the minimum wage in 2000, anchoring the bottom of the distribution. For 2000-2007 the faster increase in higher earnings may be associated with the changing pattern of immigration and of the employment growth in the second half of the boom, Further exploration of the factors at work towards the top of the distribution during these years is an important research priority.
2010-03-01T00:00:00ZSkills, capabilities and inequalities at school entry in a disadvantaged communityhttp://hdl.handle.net/10197/2687
Skills, capabilities and inequalities at school entry in a disadvantaged community
Doyle, Orla; McEntee, Louise; McNamara, Kelly
Socioeconomic inequalities in children’s skills and capabilities begin early in life and can have detrimental effects on future success in school. The present study examines the relationships between school readiness and sociodemographic inequalities using teacher reports of the Short Early Development Instrument in a disadvantaged urban area of Ireland. It specifically examines socioeconomic (SES) differences in skills within a low SES community in order to investigate the role of relative disadvantage on children’s development. Differences across multiple domains of school readiness are examined using Monte-Carlo permutation tests. The results show that child, family and environmental factors have an impact on children’s school readiness, with attendance in centre-based childcare having the most consistent relationship with readiness for school. In addition, the findings suggest that social class inequalities in children’s skills still exist within a disadvantaged community. These results are discussed in relation to future intervention programmes.
2010-02-01T00:00:00ZUnravelling voters’ perceptions of the economyhttp://hdl.handle.net/10197/2686
Unravelling voters’ perceptions of the economy
Doyle, Orla
Individual perceptions of the economy are a key factor influencing voting decisions, yet they often deviate from movements in the real economy. This study investigates the formation of economic perceptions during a period of economic and political instability in the Czech Republic using a series of Economic Expectations and Attitude (EEA) surveys and yearly regional economic indicators. It measures the extent to which retrospective and prospective perceptions are related to objective measures of the economy and subjective heterogeneity at an individual level. The study finds that objective economic indicators are inadequate determinants of economic perceptions and that such perceptions can be distorted by ideological beliefs, socioeconomic characteristics and personal experiences despite turbulent economic shocks, a highly politicized economic reform process and weak party identification.
2010-01-01T00:00:00ZHousing risk and return : evidence from a housing asset-pricing modelhttp://hdl.handle.net/10197/2684
Housing risk and return : evidence from a housing asset-pricing model
Case, Karl E.; Cotter, John; Gabriel, Stuart A.
This paper investigates the risk-return relationship in determination of housing asset pricing. In so doing, the paper evaluates behavioral hypotheses advanced by Case and Shiller (1988, 2002, 2009) in studies of boom and post-boom housing markets. The paper specifies and tests a housing asset pricing model (H-CAPM), whereby expected returns of metropolitan-specific housing markets are equated to the market return, as represented by aggregate US house price time-series. We augment the model by examining the impact of additional risk factors including aggregate stock market returns, idiosyncratic risk, momentum, and Metropolitan Statistical Area (MSA) size effects. Further, we test the robustness of H-CAPM results to inclusion of controls for socioeconomic variables commonly represented in the house price literature, including changes in employment, affordability, and foreclosure incidence. Consistent with the traditional CAPM, we find a sizable and statistically significant influence of the market factor on MSA house price returns. Moreover we show that market betas have varied substantially over time. Also, we find the basic housing CAPM results are robust to the inclusion of other explanatory variables, including standard measures of risk and other housing market fundamentals. Additional tests of the validity of the model using the Fama-MacBeth framework offer further strong support of a positive risk and return relationship in housing. Our findings are supportive of the application of a housing investment risk-return framework in explanation of variation in metro-area cross-section and time-series US house price returns. Further, results strongly corroborate Case-Shiller behavioral research indicating the importance of speculative forces in the determination of U.S. housing returns.
2009-11-01T00:00:00ZReadiness for change : evidence from a study of early childhood care and education centershttp://hdl.handle.net/10197/2682
Readiness for change : evidence from a study of early childhood care and education centers
Doyle, Orla; Logue, Caitriona; McNamara, Kelly
This study examines factors that influence staff members’ readiness for
change in early childhood settings in Ireland. The introduction of a new
national framework, designed to improve the quality of Early Childhood
Care and Education Centers (ECCECs), has been piloted in several
communities. This study measures support for this change in
organizational practices using the Organizational Change Recipients’
Belief Scale and uses correlation analysis to determine how readiness for
change is linked to job satisfaction and the work environment. Results
show that individual staff characteristics had little impact on support for
the change, while factors related to group dynamics were significantly
associated with readiness for change. Specifically, a positive work
environment and greater job satisfaction were associated with a lower
belief that there is a need for change, but a higher belief that the staff will
be supported by management if the change is introduced.
2009-01-01T00:00:00ZIs there a rural-urban divide? Location
and productivity of UK manufacturinghttp://hdl.handle.net/10197/2681
Is there a rural-urban divide? Location
and productivity of UK manufacturing
Rizov, Marian; Walsh, Patrick P.
We compute the productivity gaps in manufacturing industries by urban, rural less sparse and
rural sparse locations in the UK. This is done by using firm-specific total factor productivities,
which are estimated by a semi-parametric algorithm within 4-digit manufacturing industries
using FAME data over the period 1994-2001, by each location. We analyse the productivity
differentials across locations by decomposing them into firm differences within the same
industry and by differences that are explained by industry composition effects. Our analysis
indicates that at the end of twentieth century a rural-urban divide in manufacturing
productivity still remains but there is a tendency of convergence between rural and urban
location categories. Even though industry productivity is different by location, industry
composition effects are positively correlated with industry productivity by location
suggesting that locations with high productivity are also characterised by industrial structures
with higher productivity.
2009-08-01T00:00:00ZThe firm size distribution and inter-industry diversificationhttp://hdl.handle.net/10197/2680
The firm size distribution and inter-industry diversification
Hutchinson, John; Konings, Jozef; Walsh, Patrick P.
We show that the stylized facts of the Firm Size Distribution (FSD) by age cohorts, as shown
in Cabral and Mata (2003), bind within 4-digit manufacturing industries in the UK and
Belgium. As in Klepper and Thompson (2006) and Sutton (1998), we explore whether time to
build a portfolio of products is a mechanism that relates age to firm size. While inter industry
diversification, to some extent, accounts for the role of age, we find that the presence of
economies of scope has a separate impact on firm size when controlling for age, amongst
other factors. Using the techniques in Cabral and Mata’s we show that the FSD by degrees of
product diversification shifts to the right, but more so in older age groups. This shows a role
for inter-industry diversification over and above an age effect.
2009-08-01T00:00:00ZExperimental tests of survey responses to expenditure questionshttp://hdl.handle.net/10197/2679
Experimental tests of survey responses to expenditure questions
Comerford, David; Delaney, Liam; Harmon, Colm
This paper tests for a number of survey effects in the elicitation of expenditure items. In
particular we examine the extent to which individuals use features of the expenditure question
to construct their answers. We test whether respondents interpret question wording as
researchers intend and examine the extent to which prompts, clarifications and seemingly
arbitrary features of survey design influence expenditure reports. We find that over one
quarter of respondents have difficulty distinguishing between “you” and “your household”
when making expenditure reports; that respondents report higher pro-rata expenditure when
asked to give responses on a weekly as opposed to monthly or annual time scale; that
respondents give higher estimates when using a scale with a higher mid-point; and that
respondents give higher aggregated expenditure when categories are presented in a
disaggregated form. In summary, expenditure reports are constructed using convenient rules
of thumb and available information, which will depend on the characteristics of the
respondent, the expenditure domain and features of the survey question. It is crucial to further
account for these features in ongoing surveys.
2009-07-01T00:00:00ZReport on children's profile at school entry 2008-2009 : evaluation of the 'Preparing For Life' early childhood intervention programmehttp://hdl.handle.net/10197/2678
Report on children's profile at school entry 2008-2009 : evaluation of the 'Preparing For Life' early childhood intervention programme
Doyle, Orla; Cheevers, Carly; Finnegan, Sarah; McEntee, Louise; McNamara, Kelly
The Children's Profile at School Entry (CPSE) was conducted by the UCD Geary Institute who have been commissioned by the Northside Partnership to assess the levels of school readiness in a designated disadvantaged community of Ireland, as part of an overall evaluation of the Preparing for Life (PFL) early childhood intervention programme.
2009-06-01T00:00:00ZCorn market dynamics and the Joint Executive Committee (1880-1886)http://hdl.handle.net/10197/2677
Corn market dynamics and the Joint Executive Committee (1880-1886)
Mariuzzo, Franco; Walsh, Patrick P.
We incorporate previously omitted controls of external conditions in transportation and commodity markets into Porter's (1983) analysis of industry demand, conduct and stability of the JEC
railroad cartel. We estimate the equilibrium price path, non-parametrically, and find that the reaction of the JEC in its rate setting to the nature of rate setting, over alternative modes of conveyance,
is very much predicted by the theoretical considerations in Haltiwanger and Harrington (1991). Periods of Cartel instability are triggered by unexpected booms in corn markets in New York, amongst
other factors. The latter is consistent with the Green and Porter (1984) theory.
Keywords: Corn Market Spot and Future Weekly Prices in Chicago and New York,
Demand Cycles, Inventory Management in New York, JEC Railroad Cartel Pricing,
Outside Transportation Options, Structural Modeling.
2009-06-01T00:00:00ZCoverage of retail stores and discrete choice
models of demand : estimating price elasticities and welfare effectshttp://hdl.handle.net/10197/2676
Coverage of retail stores and discrete choice
models of demand : estimating price elasticities and welfare effects
Mariuzzo, Franco; Walsh, Patrick P.; Whelan, Ciara
Consumers' choice set of products within stores can be limited. Ackerberg and Rysman (2005) address this problem by modeling unobserved consumer preferences over products and retail stores, leading to augmented demand specifications. Having Carbonated Soft Drink product
level data, where we observe products' store coverage, we are able to estimate their logit, nested logit and random coefficient logit specifications of demand in a structural model of equilibrium. Allowing for store coverage
turns out to have a very significant impact on the estimated structural
parameters and on the predictive power of the model. Taking these estimated structural parameters we perform a counterfactual whereby stores
carry all products in the market. We find systematic increases in price
elasticities and welfare in our new equilibrium. Competition in markets is
more curtailed than normally assumed in structural models of industries.
2010-01-01T00:00:00ZThe firm size distribution in a small open economy : theory and evidencehttp://hdl.handle.net/10197/2675
The firm size distribution in a small open economy : theory and evidence
Walsh, Patrick P.; Li, Qi
We construct a theoretical model of the dynamic processes (firm entry, growth,
decline, and exit) that underpin the determination of a limiting firm size distribution
(FSD). In particular, we model such dynamic processes using key structural
parameters; sunk cost, exogenous entry constraints, and opportunity values of finite
duration. The limiting FSD we derive, in steady state, turns out to be a combination of
a Logarithmic and Zipf distribution. We estimate these structural parameters using
long periods of Irish company data for defined cohorts of firms, in terms of trade
orientation, within narrowly defined industries. Within non-exporting and exporting
samples of companies our model fits the actual FSD well with a good return to the
Zipf distribution in the upper tail, that is less dependent on the estimated structural
2
parameters, and a good return at the lower tail, where the Logarithmic effects are
endogenously driven by firm heterogeneity in estimated structural parameters.
2009-07-01T00:00:00ZPublic perceptions of the dioxin crisis in Irish porkhttp://hdl.handle.net/10197/2674
Public perceptions of the dioxin crisis in Irish pork
Kennedy, Jean; Delaney, Liam; McGloin, Aileen; Wall, Patrick G.
In early December 2008, a global recall of Irish pork was initiated as a result of a subset
of the national pork output being contaminated with dioxin. In this study, members of a
panel from an internet-based longitudinal monitor of public opinion on food and health,
was used to assess public perceptions about the dioxin incident in late December. A
larger proportion of respondents reported that that there was a ‘very high’ health risk
from pork (8.6 %) than any other food of animal origin. The risk posed to human health
from dioxins was considered to be relatively high compared to a broad range of potential
food and non-food risks. The majority of respondents (70.5 %) accepted that the way in
which the authorities managed the crisis was ‘adequate’ or ‘very efficient’. These
findings should be considered in light of the following facts: the European Food Safety
Authority and the Irish authorities announced that there was no risk to human health from
the dioxins in pork, there was extensive media attention about the dioxin incident, and the
Irish Government had to introduce a 200 million euro compensation package for the Irish
pork industry which was funded by the Irish taxpayer.
2009-06-01T00:00:00ZThe informal sector wage gap : new evidence using quantile estimations on panel datahttp://hdl.handle.net/10197/2673
The informal sector wage gap : new evidence using quantile estimations on panel data
Bargain, Olivier; Kwenda, Prudence
This paper provides new evidence on the wage gap between informal and formal salary workers
in South Africa, Brazil and Mexico. We use rich datasets that allow us to define informality in a
relatively comparable fashion across countries. We compute precise wage differentials by accounting
for taxes paid in the formal sector. For each country, we analyze how the sector wage gap varies
within groups, between groups and over time. To account for unobserved heterogeneity, we use large
(unbalanced) panels to estimate fixed effects models at the mean and at different quantiles of the
wage distribution. We find that unobserved heterogeneity explains a large part of the (conditional)
wage gap. The remaining informal sector wage penalty is large in the lower part of the distribution
but almost disappears at the top. The penalty primarily concerns young workers and is found
to be procyclical. We carefully investigate the robustness of these results and discuss their policy
implications as well as regularities across countries.
2009-06-01T00:00:00ZHeight and well-being amongst older Europeanshttp://hdl.handle.net/10197/2670
Height and well-being amongst older Europeans
Denny, Kevin
This paper uses a cross‐country representative sample of Europeans over the
age of 50 to analyse whether individuals’ height is associated with higher or
lower levels of well‐being. Two outcomes are used: a measure of depression
symptoms reported by individuals and a categorical measure of life satisfaction.
It is shown that there is a concave relationship between height and symptoms
of depression. These results are sensitive to the inclusion of several sets of
controls reflecting demographics, human capital and health status. While
parsimonious models suggest that height is protective against depression, the
addition of controls, particularly related to health, suggests the reverse effect:
tall people are predicted to have slightly more symptoms of depression. Height
has no significant association with life satisfaction in models with controls for
health and human capital.
2010-10-01T00:00:00ZMicro-level determinants of lecture attendance and additional study-hourshttp://hdl.handle.net/10197/2658
Micro-level determinants of lecture attendance and additional study-hours
Ryan, Martin; Delaney, Liam; Harmon, Colm
This paper uses novel measures of individual differences that produce new insights about student
inputs into the (higher) education production function. The inputs examined are lecture attendance and
additional study-hours. The data were collected through a web-survey that the authors designed. The
analysis includes the following measures: willingness to take risks, consideration of future consequences
and non-cognitive ability traits. Besides age, gender and year of study, the main determinants of lecture
attendance and additional study-hours are attitude to risk, future-orientation and conscientiousness. In
addition, future-orientation, and in particular conscientiousness, determine lecture attendance to a
greater extent than they determine additional study. Finally, we show that family income and financial
transfers (from both parents and the state) do not determine any educational input. This study suggests
that non-cognitive abilities may be more important than financial constraints in the determination of
inputs related to educational production functions.
2010-08-01T00:00:00ZUnder pressure? The effect of peers on outcomes of young adultshttp://hdl.handle.net/10197/2651
Under pressure? The effect of peers on outcomes of young adults
Black, Sandra E.; Devereux, Paul J.; Salvanes, Kjell G.
A variety of public campaigns, including the “Just Say No” campaign of the 1980s and
1990s that encouraged teenagers to “Just Say No to Drugs”, are based on the premise that
teenagers are very susceptible to peer influences. Despite this, very little is known about
the effect of school peers on the long-run outcomes of teenagers. This is primarily due to
two factors: the absence of information on peers merged with long-run outcomes of
individuals and, equally important, the difficulty of separately identifying the role of
peers. This paper uses data on the population of Norway and idiosyncratic variation in
cohort composition within schools to examine the role of peer composition in 9th grade
on longer-run outcomes such as IQ scores at age 18, teenage childbearing, post-compulsory
schooling educational track, adult labor market status, and earnings. We find
that outcomes are influenced by the proportion of females in the grade, and these effects
differ for men and women. Other peer variables (average age, average mother’s
education) have little impact on the outcomes of teenagers.
2010-05-01T00:00:00Z